The Big Differences between the Great Depression and COVID-19
Global economic activity has grounded to a halt, prompting fears the world is in for a re-run of The Great Depression. While there might be similar scenes, the parallels are not as strong as you may think.
Without a doubt, countries worldwide are in for sharp, deep recessions as they rightly sacrifice economic growth in the name of healthcare. This includes the world’s largest economy, the United States.
Huge as the gravity of this situation is, and as devastating as it is for people and economies the world over, there are things missing from the social and economic setting which were pivotal in the makings of the Great Depression.